The $300 monthly payments ended in December 2023

There is no $300 direct deposit for child tax credit in 2024. The monthly advance payments of $300 per child stopped at the end of 2023. That program ran from July through December 2023 as part of the expanded child tax credit that Congress created during the pandemic.

Starting in January 2024, the only way to receive child tax credit money is through your tax return. You file your 2024 taxes in early 2025, and the IRS sends any credit you are owed as a refund or applies it against taxes you owe. There are no monthly payments during the year.

If you received the monthly $300 payments in 2023 and your income or family size changed in 2024, you may owe some of that money back when you file your 2024 return. The IRS calls this a "reconciliation" — they compare what you received to what you were actually may have access to to receive.

Key Takeaways

  • Monthly child tax credit payments of $300 per child ended on December 31, 2023, and did not resume in 2024.
  • The child tax credit still exists for 2024, but you receive it only when you file your tax return, not as monthly deposits.
  • If you got advance payments in 2023 and your situation changed, you may have to repay part of it on your 2024 tax return.
  • The amount of child tax credit you can claim in 2024 depends on your income and the number of children under 17 in your household.

How the child tax credit works in 2024

The child tax credit for 2024 is $2,000 per child under age 17. You claim it on your tax return when you file in 2025. The credit reduces the amount of federal income tax you owe, or increases your refund if you have already paid enough tax through withholding or estimated payments.

To claim the credit, your child must have a valid Social Security number, be a U.S. citizen or resident alien, live with you for more than half the year, and be claimed as your dependent. You must also file a tax return — even if your income is very low, you cannot receive the credit without filing.

The credit begins to phase out (shrink) if your income is above a certain threshold. For 2024, the phase-out starts at $400,000 for married couples filing jointly and $200,000 for single filers. If your income is above those amounts, the credit reduces by $50 for every $1,000 over the limit.

Why the monthly payments stopped

Congress created the monthly advance child tax credit as a temporary measure during the COVID-19 pandemic. The payments were authorized only through December 2023. Congress did not extend the program into 2024, so the monthly deposits ended.

The expanded credit that allowed monthly payments is no longer in effect. The current child tax credit of $2,000 per child is the permanent version, and it has always been paid only through tax returns, not as monthly payments. If Congress wants to bring back monthly payments, it would have to pass new legislation.

What to do if you received advance payments in 2023

When you file your 2024 tax return, you will report how much child tax credit you received as advance payments in 2023. The IRS will compare that amount to the total credit you are may have access to to claim based on your 2024 income and family situation.

If you received more in advance payments than you were may have access to to, you will owe the difference back. This is called a "reconciliation payment" or "repayment." The IRS will reduce your refund or add the amount to taxes you owe. If you received less than you were may have access to to, the difference will be added to your refund.

Keep any letters or statements the IRS sent you about your 2023 advance payments. These show how much you received each month. You will need this information when you file your 2024 return. If you cannot find the letters, you can log into your IRS account online or call the IRS at 1-800-829-1040 to request a transcript.

Income limits and phase-out rules for 2024

Your income determines both whether you can claim the full $2,000 credit and whether you have to repay any advance payments from 2023. The IRS uses your modified adjusted gross income (MAGI), which is usually your adjusted gross income from your tax return.

For 2024, the credit phases out starting at $400,000 for married couples filing jointly, $200,000 for single filers, and $200,000 for heads of household. For every $1,000 (or fraction of $1,000) your income exceeds the threshold, the credit reduces by $50.

If your income in 2023 was lower than your income in 2024, you may have received more in advance payments than you were may have access to to. The opposite is also true: if your income dropped in 2024, you may be may have access to to more credit than you received. Filing your return will settle the difference.

How to file your 2024 tax return and claim the credit

You claim the child tax credit on Schedule 8812 (Form 1040) if you are using the IRS forms, or you enter the information into the tax software you are using. You will need your child's Social Security number, date of birth, and relationship to you.

If you use tax software or a tax preparer, they will ask you questions about your children and calculate the credit for you. If you file by hand, you will fill out Schedule 8812 and attach it to your Form 1040. The IRS has a free tax return preparation service called VITA (Volunteer Income Tax Assistance) at many libraries and community centers if you cannot afford to pay for help.

File your return as soon as you have all your documents — W-2s from your employer, 1099s for any other income, and records of any advance payments you received in 2023. The sooner you file, the sooner you will receive any refund owed to you.

Frequently Asked Questions

Can I get the $300 monthly payments back if I did not receive them in 2023?

No. The monthly advance payments ended on December 31, 2023, and Congress has not restarted them. If you did not receive payments in 2023, you cannot go back and claim them. You can only claim the child tax credit on your 2024 tax return for the 2024 tax year.

What if I owe money back from the 2023 advance payments?

The amount you owe will be subtracted from your 2024 tax refund, or added to any taxes you owe. You do not have to make a separate payment. The IRS will handle it automatically when you file your return. If you are worried about owing a large amount, you can file your return early to see what the total is.

Do I have to file a tax return to get the child tax credit in 2024?

Yes. You must file a federal income tax return to claim the child tax credit, even if your income is very low or you do not normally have to file. The credit is only available through your tax return; there is no other way to receive it.

What if my income changed between 2023 and 2024?

Report your actual 2024 income on your 2024 tax return. The IRS will calculate your credit based on that income and compare it to the advance payments you received in 2023. If your income went up, you may owe back some payments. If it went down, you may receive additional credit on your refund.

Can I claim the child tax credit if my child does not have a Social Security number?

No. Your child must have a valid Social Security number to be claimed as a dependent and to receive the child tax credit. If your child does not have a number, you can apply for one through the Social Security Administration, but the credit cannot be claimed until the number is issued.